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March 07, 2023
WTI crude slides down from $80.46 to $77.42 per barrel today, losing $3.04 (3.78%).
WTI crude is currently trading at $77.42 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States 3-Year Note Auction released today at 18:00 UTC with a figure of 4.635, while the previous figure was 4.073. Data for United States Factory Orders released yesterday at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
As the trading day comes to an end, chart analysis indicates Crude Oil broke through the $80.41 support line and dropped $3 below it. Trend and momentum analysis indicates that WTI crude oil made an initial break below its 50 day Simple Moving Average at $77.66, a possible indication of a forthcoming negative trend. US crude oil bounced 19 cents away from Fibonacci support at $77.23. Analysis based on the asset volatility indicates that WTI crude oil's lower Bollinger Band® is at $74.3, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests US crude oil has no clear-cut direction.
In the meantime, negative performances are also seen in other Energy as Brent Crude Oil is trading around $83.19 (down $3). Heating Oil decreases 2.98% to trade around $2.8.
Positive performances can be seen by looking at other Energy markets as Natural Gas is up 3.38%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to -308,000 while previous data was 1.17 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Feb) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is expected tomorrow at 15:00 UTC.
Over the past 11 months, West Texas crude has retreated 35.51% from a noteworthy peak of $124.77.
